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Financing option #1 Obtain a S500.000 loan from the Royal Bank of Ryan. The loan would be repayable in five equal principal payments plus interest

Financing option #1
Obtain a S500.000 loan from the Royal Bank of Ryan. The loan would be repayable in five equal principal payments plus interest on December 31 of each year. The loan would carry an interest rate of 6. Sam would like to see the carry for the receipt of the loan and the recording of the journal entries on December 31.

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